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Accounting, 3rd Edition by Michael J. Jones

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Chapter 14

International accounting

‘Whether we are ready or not, mankind now has a completely integrated financial and informational market place capable of moving money and ideas to any place on this planet in minutes.’

W. Wriston, Risk and Other Four-letter Words, p. 132, The Executive's Book of Quotations (1990), p. 150.

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Learning Outcomes

After completing this chapter you should be able to:

  • Explain and discuss the main divergent forces.
  • Understand the macro and micro approaches to the classification of international accounting practices.
  • Understand the accounting systems and environments in France, Germany, China, the UK and the US.
  • Examine the convergent forces upon accounting, especially harmonisation in the European Union and standardisation through the International Accounting Standards Board.

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Chapter Summary

  • Global trade and investment make national accounting very constrictive.
  • Divergent forces are those factors that make accounting different in different countries.
  • The main divergent forces are: objectives, users, sources of finance, regulation, taxation, the accounting profession, spheres of influence and culture.
  • Countries can be classified into those with macro and micro ...

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